iPhone repair shop run from my garage - unsure about salary tax?
I buy, repair and sell broken/bad condition iPhones, and occasionally other Apple devices if I want a challenge. I was wondering what tax I should pay on this? I don't make any profit as such because all money I make goes into more iPhones. Repaired phones are often wholesale to local repair shops who sell on high streets.
I'm currently on £45,000 a year, so according to a salary calculator any income will be under 20% tax.
But what will I actually end up paying tax on? The profit only or all the money I receive? I'm only doing this as a weekend thing for fun, not specifically to make income - it's just a nice bonus.
I'm currently on £45,000 a year, so according to a salary calculator any income will be under 20% tax.
But what will I actually end up paying tax on? The profit only or all the money I receive? I'm only doing this as a weekend thing for fun, not specifically to make income - it's just a nice bonus.